Hinge Health initiated with a Neutral at Baird

Baird analyst Vikram Kesavabhotla last night initiated coverage of Hinge Health (HNGE) with a Neutral rating and $56 price target The firm thinks Hinge has a “compelling” product and addresses a critical need in cutting musculoskeletal-related costs. However, Baird sees potential for the macro environment to weigh on end market demand and highlights the intensity of competition in the industry. As such, it is adopting a relatively cautious stance on Hinge shares.